General Las Vegas Area Real Estate Market Reports are for
MLS Areas 101-606 (the average consumer probably asks, what’s
that?) It means that I cover the cities of Las Vegas, Henderson,
North Las Vegas including unincorporated Clark County Townships of
Whitney, Paradise, Winchester, Enterprise, Sunrise Manor &
Spring Valley. They do NOT cover the areas of
Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

Less than $500: 90% ($500 only buys you a home warranty or (no
and) an appraisal)

Between $501-4000: 6%

Over $4001: 4%

This pretty much means that sellers aren't giving up much of
anything since Las Vegas is a Seller's Market
and in dire need of sellable inventory! Inventory levels are rising
just slightly and we are seeing some movement/improvement in this
sector which is good news, especially for buyers who want/need
closing costs!

General Las Vegas Area Real Estate Market Reports are for
MLS Areas 101-606 (the average consumer probably asks, what’s
that?) It means that I cover the cities of Las Vegas, Henderson,
North Las Vegas including unincorporated Clark County Townships of
Whitney, Paradise, Winchester, Enterprise, Sunrise Manor &
Spring Valley. They do NOT cover the areas of
Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

My analysis: Distressed listings
(foreclosures and short sales) are 65% of total listings.
Credit markets must be watched as underwriting guidelines continue
to tighten. Condos are barely financeable.
Resale sold units and pendings remain impressive.
Builders cannot compete with bank owned listing prices, thus sales
remain lackluster. The rental market is softening due to all
the investor/first time buyer combination of activity. This
adds more supply and creates less demand.

New Residents/Employment Conditions:

New Residents (August
2009): 5140, Year Change -8.6%

Total Employment (August 2009): 846,900
Year Change -6.7%

Unemployment Rate
(August 2009) 13.4%, Year Change +91.4%

My analysis: The tourism, gaming and convention numbers
need to improve before these numbers improve. New Resident
Count will go down if no new jobs are created. Economists are
hoping that City Center brings tens of thousands of new
jobs. The Las Vegas Valley has lost
-80,000 jobs since April 2008. I am not
optimistic that City Center can pull us out of this slump.
(see Tourism/Gaming conditions below!)Unemployment rate is
painful.

My analysis: There is marked improvement in
this sector from last month HOWEVER there is a dispairity with
gaming numbers = people are coming but not playing! This
sector (tourism) needs to see some serious price corrections
before we see a comeback. Corporate credit is not
coming back any time soon. It will be hard to get
convention attendance back up without corporate credit. Glad
to see regular tourists are making their way here with the
imbalance of the other numbers to replace the convention attendee
numbers. Gaming and convention business is big business and
those numbers MUST increase for jobs to increase and for our
entire economy to stabilize. Any convention
attendance decrease of over 10% is extremely painful to this
economy and all the overbuilt convention space.

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